Exclu: Kerrey's New School compensation for FY 2011: $3 million

By MAGGIE HABERMAN

05/21/2012 07:52 AM EDT

Bob Kerrey, who stepped down from his position as head of the New School in December 2010 but was named president emeritus soon after, received more than $3 million in compensation during that period, according to the school's 990 tax forms, which were reviewed by POLITICO.

The figure includes items like a housing stipend, worth several hundreds of thousands of dollars for the Greenwich Village-area townhouse where Kerrey lived while president of the lower Manhattan school, a $1.2 million bonus and deferred compensation.

Kerrey's financial disclosure statements that he filed for his current Nebraska Senate campaign revealed $916,242 in salary for 2011 to 2012, with the potential to earn $400,000 to $600,000 in annual benefits through 2016.

But for fiscal year 2011, which covers July 1, 2010, through June 30, 2011, the pay included $602,593 in base compensation, $1.2 million in bonus and incentive compensation, $691,942 in "other reportable compensation," $132,877 in retirement and deferred compensation and $420,291 in nontaxable benefits.

The total is $3,047,043.

It's a sizable figure for Kerrey, who listed his assets on his financial disclosure as between $5 million and $18 million. But Kerrey backers argue that he grew out the school and made it competitive in the liberal arts world. The school is required, based on its tax status, to file 990 forms with the IRS.

For fiscal year 2010, the school's 990 forms show Kerrey got $687,812 in 'reportable compensation from the organization," and $631,725 in "estimated amount of other compensation from the organization and related organizations."

Kerrey's tenure as president was marked by some tumult among the staff. But he was asked to remain on as president emeritus, after his initial contract expired in July 2011. The new agreement could go through 2016.